President chairs a meeting on the priority tasks of building residential buildings in “Yangi O’zbekiston” (New Uzbekistan) neighborhoods and implementing the mortgage program in 2023.

To even greater cover the population with mortgage loans and subsidies in general, to finance these measures, it was instructed in 2023 to:

– commercial banks to allocate resources worth 9 trillion UZS to home mortgages for 31,000 families;

– allocate subsidies for 1.6 trillion UZS for the initial payment and interest compensation;

– allocate additional funds for $100 million and 1 trillion UZS to provide resources for mortgages and increase the working capital of construction companies;

– ensure the allocation of 5.7 trillion UZS of mortgage loans to another 20,000 families at the expense of banks;

– allocate a loan for 1.5 trillion UZS to 10,000 residents to expand their housing or additional construction;

– send an additional 1.7 trillion UZS of credit resources to the population for the purchase of 5.5 thousand houses through a mortgage refinancing company.

At the meeting, it was noted that it is possible to attract an additional 10 trillion UZS by using as assets the funds that must be returned from the mortgage to the balance of commercial banks and issuing mortgage bonds. Responsible persons were instructed to submit a draft law “On mortgage bonds” within two months.

UzA